January 20, 2018

Auburn alum Tim Cook tops $100 million in income for 2017

29 December 2017, 01:06 | Ruben Fields

Auburn alum Tim Cook tops $100 million in income for 2017

Auburn alum Tim Cook tops $100 million in income for 2017

Apple chief executive Tim Cook landed a major pay rise off the back of a great year for iPhone sales, new regulatory filings reveal.

So the iPhone maker now wants Cook to fly private for "all business and personal travel", it said in the filing.

"This policy was implemented in 2017 in the interests of security and efficiency based on our global profile and the highly visible nature of Cook's role as CEO", Apple said in the shareholder proxy statement filed late on Wednesday.

In addition, Apple expensed over $224,000 for incremental private costs for security for the CEO, says the proxy statement, including the hiring of personnel for the specific benefit of Cook. Adding $89.2 million in equity award, Cook brought home a whopping $102 million in 2017, minus compensations.

The company now has a market capitalisation of over $875bn (£650bn) making it the most valuable publicly owned company in the world.

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While Apple's revenue climbed in 2017 and is projected to continue in the green following the release of iPhone 8 and iPhone X, the company has been hit with a class action lawsuit after it admitted to slowing down iPhones as they age. He has been told by the company to do so following security concerns.

Cook and other Apple board directors, such as Disney CEO Bob Iger, former U.S. Vice President Al Gore and former Northrop Grumman CEO Ron Sugar, are up for election to remain on the board another year.

Cook's compensation was almost half those of the $24.1 million packages for CFO Luca Maestri, SVP of hardware engineering Dan Riccio and general counsel Bruce Sewell. Cook ended up spending around $93,109 on personal air travel this year. Angela Ahrendts, the former CEO of Burberry and now head of Apple's retail operations, topped the list with $24.2 million in total compensation.

The filing noted that the value of the private flights is calculated as "imputed taxable income" which is not reimbursed by Apple. The payout was a part of the huge welcome package that Apple gave Cook after he succeeded Steve Jobs in 2011.

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